Maldives signs partnership agreements with ICD

The Maldivian government has signed two Memorandum of Understandings (MOUs) with Islamic Corporation for the Development of the Private Sector (ICD), assigned the Maldives’ Finance Ministry as a collaborative partner.

The partnership agreements were signed on Thursday, on the sidelines of the Islamic Development Bank (IsDB) Group’s Annual Meetings 2024 in Riyad, Saudi Arabia.

The agreement was signed on behalf of the Maldivian government by Finance Minister Dr. Mohamed Shafeeq and on behalf of the Acting CEO of ICD, Eng. Hani Salem Sonbol by Acting Chief Investment Officer (CIO) of ICD, Bahaa Aldin Kirimly.

According to the Maldives Finance Ministry, the purpose of the first MOU is to establish a framework of cooperation, to cooperate and work closely in exploring and identifying investment, financing, advisory services, or technical assistance opportunities in the ICD member countries that are of mutual benefit to both parties, that will promote sustainable socioeconomic development.

Meanwhile, the purpose of the second MOU is to establish a framework of cooperation to explore potential co-investment with ICD and the Maldives, to establish an Islamic Bank in Uzbekistan.

The IsDB Group’s Annual Meetings took place in Riyad from April 27-30.

The 2024 Annual Meetings was held under the theme of “Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity”.

During the Annual Meetings, IsDB also celebrated the bank’s Golden Jubilee.

57 member countries participated in the event, along with representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development finance institutions, international and regional organizations, NGOs, chambers of commerce and industry, and business councils.